-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
If it were a movie the title might be: “Rosebud 2 – the edifice collapses further. The case of Rosebud Corporate Trustee Limited v Bublitz focused on whether the trust for which Rosebud Corporate Trustee Limited (Rosebud) acted was a sham. As a result of the court finding the trust to be a sham an agreement that Rosebud Trust purported to … Continue reading
The dispute over Huka Lodge (see the Fight Over Huka Lodge) highlights an element of certain trust-based relationships that can be overlooked. This is the ability for subsequent trust-related disputes to survive time-barring due to the passage of time. Michael Kidd and Alexander van Heeren were former partners in a successful partnership that amassed significant wealth … Continue reading
There are a large number of charitable trusts in New Zealand. The reason for this is not well understood: see How Charitable is New Zealand for some insight. One of the issues that arises, perhaps more in New Zealand than elsewhere, due to the number of charitable trusts, is that the trustees are not always … Continue reading
Claims against trusts are on the increase the reasons for which are various and relate, in part to the number of trusts in existence in New Zealand and in part to a growing appreciation and awareness as to what options a disgruntled beneficiary, settlor, trustee or creditor might have. One area that has produced much … Continue reading
I was asked this week, in a round about way, whether trusts “still work”? The question was actually couched as to whether I was aware of any statistics about how many trusts are wound up. I am not aware of any statistics along those lines. However, from my own experience I still settle more trusts … Continue reading
Writing a will is in large part a leap of faith. The will-maker’s wishes may be clear and objectively reasonable, for example providing for a spouse or partner on the expectation that children will be provided for when the surviving spouse or partner dies. However, if on or more of the children are unhappy with the … Continue reading
Trustees act personally. Where a trustee enters into a transaction the trustee is personally liable unless that liability can be limited. Sometimes this is possible by way of a contract term, in some instances standard from agreements can include a limitation of liability. However, in other instances, for example where liability is imposed by statute for … Continue reading
First off, what is FATCA? FATCA is an acronym that stands for Foreign Account Tax Compliance Act. This is an American initiative, with global reach, that places on-going obligations on non-US financial institutions to verify and review accounts to establish whether the account is held or ultimately controlled by a US person. Unless the U.S. … Continue reading
Blended families pose numerous challenges. On the death of a parent balancing the needs of that parent’s children and a surviving step-parent can be challenging. Add a trust and some last-minute asset and estate planning into the mix and the potential for conflict increases. Consider the position of the children who believe themselves to be … Continue reading
Death and taxes are often cited as the only certainties. While these can be prepared for, sometimes, things change. Even where a sensibly drafted will is in place, circumstances that might not have been foreseen can arise. Sometimes at a time where the will-maker can no longer intervene. Where the issue relates to the appointment of … Continue reading
Matters of Trust 